I think that once looking past ROI, bitcoin has far more relevance as the backing mechanism to build upon.
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I think that once looking past ROI, bitcoin has far more relevance as the backing mechanism to build upon.
Posted Using LeoFinance Beta
As a store of value and use case if successfully accepted as payment, but my opinion which could be wrong is once people do start accepting it they will release the fees are far too high and start looking for alternatives.
For us Aussie Image the cost to a purchase
The purchase price + fees + GST + taxes I can't see it staying around for very long other than higher end payments.
The example I would use is Ethereum. People left in droves due to fees and it is a highly successful block chain.
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It doesn't even need to be accepted as payment, it can just back forms of currency that are. people buy gold, yet they don't expect to walk into Harvey Norman's and buy a TV with it.
Ethereum is a good example of having to innovate to keep users and I think that if they had brought in Eth 2 earlier, they would haven't have lost as many users. This is going to be the entire industry going forward.
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That's true, but alot of the biggest buyers of gold are people looking to store their wealth in economic hardships when cash is becoming devalued.
Countries or more so governments are the biggest investors in gold. But I think that's an interesting point you raised about its use as value like that.
Should Bitcoin be accepted as such gold will drop. I had a discussion tonight with someone who said it was all bullshit and fake. I asked why and they said what's the value? I asked them what the value in gold was, they simply said "it's gold".
I then further asked them, yes and how often do you use gold and why is it worth so much? They couldn't respond.
I also showed them Hive and Leo and they immediately said it is built on a fake economy. To which I pointed out they use Facebook and by them being on it they are creating value for Facebook. What's the difference other than Leo creating value for their users rather than a top person.
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This is the thing. Much of the value of anything is based around the narrative of it. In the past, gold had value because it was used to back fiat currencies - now it is free-roaming with very little usecase. Yeah, it can make jewellery and some electronics. But at least the jewellery side of it makes it no different to a painting or an NFT gif.
It is about the brainwashing of society to believe that we can't generate value for ourselves, it has to be created and managed for us.
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You're 100% right.
I won't even go into the discussion we had once I opened up Cubdefi. A coin generating interest was apparently unheard of.....
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